The Reserve Bank of India and Insurance Regulatory and Development Authority of India (IRDAI) were not ‘favourably inclined’ to permit banks and insurance companies to participate in the segment for some ‘valid rationale’, he said at a conference. “We didn’t get a positive response in terms of their participation because of certain concerns they have about what banks or insurance companies might gain from commodity derivatives,” said Pandey.
AI threats
Sebi will issue an advisory on the risks emanating from Anthropic’s Mythos and similar artificial intelligence models.The regulator is in touch with market participants and relevant stakeholders to address the challenge emanating from Mythos and similar AI models, he said.
“While these tools can help identify weaknesses faster, they can also exploit vulnerabilities at speed and scale,” said Pandey. “In an interconnected securities market, a single weak link can create wider risks.”
He said the regulator is in touch with market participants and stakeholders as these AI models ‘test our resilience’.
CKYC 2.0
The Sebi chief emphasised the need to roll out a unified Know Your Client (KYC) process across the financial system and is gearing up to launch C-KYC 2.0 by July.
“The CKYC 2.0 is now under preparation. The CERSAI (Central Registry of Securitisation Asset Reconstruction and Security Interest) is doing it, and we are all contributing to it,” said Pandey.
“Last week, we had a meeting with CERSAI and identified all the different points that need to be addressed.”
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